Joining a Pool
Embarking on a journey to mine Qubic might seem like a monumental task if you're doing it alone. Pool mining is akin to collaborating with a team to conquer the task more efficiently and collectively reap the rewards.
The Treasure Hunt Analogy:
In Qubic mining, the "treasure" represents the reward received in QUs, the native token of the Qubic ecosystem. To earn this reward, Computors compete to achieve a high enough score on Artificial Intelligence (AI) training tasks.
The Challenge of Solo Mining
In the early days of blockchain technology, individuals mined on their own, using their computers' computational power. As the network expanded, the difficulty of mining increased, making solo efforts akin to searching for treasure in an ocean. The competitive landscape became quite fierce.
Banding Together in a Mining Pool
To improve their odds, miners began forming mining pools. A mining pool is a collective of miners working together. When one miner in the pool achieves a high score on their AI task, the reward is shared among all pool members based on their respective contributions.
How Pool Mining Works in Qubic
Miners interested in joining a pool sign up on qubic.li and connect their mining devices to the pool's network.
Mining as a Team: Now, the pool's members work as a team. Each miner is assigned an AI training task — less complex than the tasks in solo mining — resembling the search for treasure in a pond rather than an ocean. Different pools have different types of payouts such as PPS vs. FPPS vs. PPLNS, refer to specific pools for the rewards distribution. Remember that each pool is soley operated and not directly under any control of the Qubic core Team, this increases competitiveness for the pool with the most computing power.
Achieving High Scores: Once a miner in the pool finds a solution on their assigned AI task, they inform the pool's server. Distributing the Rewards: The pool's server distributes the rewards, or QUs, among all the miners in the pool, proportionate to the solutions each miner contributed. The payout is once every epoch (i.e. weekly).
Benefits of Pool Mining
Improved Odds: Pool mining enhances the chances of earning Qus, as the collective power of many miners can complete AI tasks more efficiently.
Consistent Payouts: Compared to solo miners who might face long periods without rewards, pool miners receive more regular and predictable payouts.
Inclusivity: Pool mining enables miners with less powerful hardware to participate effectively and earn rewards.
However, it's crucial to be aware of the potential risks associated with pool mining. While the collective effort can lead to more consistent rewards, it can also create a level of dependency on the pool operators. It's essential to ensure you're joining a trustworthy and reputable mining pool to avoid any potential issues.
Conclusion
Pool mining within the Qubic ecosystem allows for collective effort, boosting the chances of earning rewards while making mining more accessible to a wider audience. Always ensure you choose a reliable and reputable mining pool, and here's to your successful mining journey!